Description
⋅ Banknifty has closed more than 1% lower on the daily charts but it took support around the major support levls of 43800.
The market remained in a first hour candle and has closed below both the moving averages on the hourly chart.
There are chance of a trending market as there is weekly expiry of another finance index.
For last 2 weeks there were no trend expiry of the 2 finance indices. So there is much possibility of market giving a trend move.
On 15 minutes charts, it has closed below both the moving averages. 20 ema is providing market a resistance and it has been retested.
The RSI indicator is showing a bullish divergence. The Indian market are strong but due to the global news there was a gap down opening.
Support :- 43840, 43740, 43480
Resistance :- 44120, 44250
Wait for the price action near the levels before entering the market.